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June 22, 2023
The CME Silver future drops from $22.81 to $22.28 per troy ounce, losing 53 cents (2.32%) today.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
While price action maintains a negative bias, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Silver's case, the RSI has fallen below 30, indicating the asset is oversold. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $22.72, a low enough level to, generally, suggest that CME Silver is trading below its fair value. Following today's trading session, chart analysis suggests the CME Silver future could begin to recover as it approaches significant support, now 14 cents away from $22.42. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Silver will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Metals as Palladium closed at $1,278 (down 4.93%). Platinum closed at $928.8 (down 2.53%). Gold closed at $1,924 (down 1.08%).
Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.
The CME Silver future is now trading 13.43% below the significant high of $26.35 it set around a month ago.
